StableX Technologies Inc (SBLX) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Good morning and welcome to the ARYO, Inc. first quarter 2023 financial results and corporate update conference call. (Operator Instructions) Participants of this call are advised that the audio of this conference call is being broadcast live over the Internet and is also being recorded for playback purposes. A webcast replay of the call will be available approximately one hour after the end of the call through August 9, 2023.

女士們，先生們，謝謝你們的支持。早上好，歡迎來到 ARYO, Inc. 2023 年第一季度財務業績和公司更新電話會議。 （操作員說明）本次電話會議的參與者請注意，本次電話會議的音頻正在通過互聯網進行現場直播，同時也正在錄製以供播放。在電話會議結束後約一小時至 2023 年 8 月 9 日，將提供電話會議的網絡直播重播。

I would now like to turn the call over to Joey Delahoussaye of Core IR, the company's investor relations firm. Please go ahead, sir.

我現在想把電話轉給公司投資者關係公司 Core IR 的 Joey Delahoussaye。請繼續，先生。

Thank you, Kate. Good morning and thank you for participating in today's conference call. Joining me from AYRO's leadership team are Tom Wittenschlaeger, Chief Executive Officer; and Dave Hollingsworth, Chief Financial Officer.

謝謝你，凱特。早上好，感謝您參加今天的電話會議。和我一起來自 AYRO 領導團隊的還有首席執行官 Tom Wittenschlaeger；首席財務官 Dave Hollingsworth。

During this call, management will be making forward-looking statements, including statements that address AYRO's expectations for future performance or operational results. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors described in AYRO's most recently filed annual report on Form 10-K and subsequent periodic reports filed with the SEC and AYRO's press release that accompanies this call, particularly the cautionary statements in it.

在此次電話會議中，管理層將發表前瞻性聲明，包括闡述 AYRO 對未來業績或運營結果的預期的聲明。前瞻性陳述涉及可能導致實際結果與這些陳述存在重大差異的風險和其他因素。有關這些風險的更多信息，請參閱 AYRO 最近提交的 10-K 表格年度報告和隨後向美國證券交易委員會提交的定期報告中描述的風險因素，以及 AYRO 隨本電話會議發布的新聞稿，特別是其中的警告聲明。

Today's conference call includes adjusted EBITDA, a non-GAAP financial measure that AYRO believes can be useful in evaluating its performance. You should not consider this additional information in isolation or as a substitute for results prepared in accordance with GAAP. For a reconciliation of this non-GAAP financial measure to net loss, a more directly comparable GAAP financial measure, please see the reconciliation table located in AYRO's earnings press release, which is available on its website at www.ayro.com under the investors tab.

今天的電話會議包括調整後的 EBITDA，這是 AYRO 認為可用於評估其業績的非 GAAP 財務指標。您不應孤立地考慮此附加信息或將其作為根據 GAAP 編制的結果的替代。有關此非 GAAP 財務指標與淨虧損（一種更直接可比的 GAAP 財務指標）的對賬，請參閱 AYRO 收益新聞稿中的對賬表，該新聞稿可在其網站 www.ayro.com 的投資者選項卡下獲取.

The content of this call contains time-sensitive information that is accurate only as of today, May 9, 2023. Except as required by law, AYRO disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.

本次電話會議的內容包含時效性信息，截至今天，即 2023 年 5 月 9 日，這些信息都是準確的。除法律要求外，AYRO 不承擔任何公開更新或修改任何信息以反映本次電話會議後發生的事件或情況的義務.

It is now my pleasure to turn the call over to CEO, Tom Wittenschlaeger.

現在我很高興將電話轉給首席執行官 Tom Wittenschlaeger。

Thank you Joey, and good morning to everyone on the call.

謝謝 Joey，早上好，電話中的每個人。

We believe we've made important strides in the first quarter of 2023 that bring us ever closer to launching the AYRO Vanish, a lightweight, low-speed electric vehicle or LSEV, with adaptable and reconfigurable payloads that will serve the stadium, arena, campus, resort, and last-mile delivery environments both indoors and out.

我們相信我們在 2023 年第一季度取得了重要進展，使我們離推出 AYRO Vanish 更近了一步，這是一種輕型低速電動汽車或 LSEV，具有適應性和可重新配置的有效載荷，將為體育場、競技場、校園提供服務、度假村和最後一英里的室內外交付環境。

In the last few earnings call, we have gone to considerable lengths to lay out the business case for our product road map and to provide some context to our corporate strategy. From the outset, we recognized that while an 18-month design and manufacturing scale-up process is actually remarkably short in the automotive world, to many investors, it may as well be four years. Our team is enthusiastic about what we've already accomplished and even more so, at the significant opportunities that we believe lie just ahead of us.

在最近幾次財報電話會議上，我們竭盡全力為我們的產品路線圖制定業務案例，並為我們的企業戰略提供一些背景信息。從一開始，我們就認識到，雖然 18 個月的設計和製造放大過程在汽車領域實際上是非常短的，但對許多投資者來說，這可能還不如四年。我們的團隊對我們已經取得的成就充滿熱情，對我們認為就在我們面前的重大機遇更是如此。

We have made real progress on the dealer front, and we've had encouraging discussions with potential fleet dealers. We believe our participation in a recent large trade show, where many potential customers were able to see the Vanish firsthand for the first time, has been very productive for us and we hope to be in a position to share some developments arising from those marketing efforts.

我們在經銷商方面取得了真正的進展，我們與潛在的車隊經銷商進行了令人鼓舞的討論。我們相信我們參加了最近的一次大型貿易展，許多潛在客戶第一次親眼看到了 Vanish，這對我們來說非常有成效，我們希望能夠分享這些營銷工作帶來的一些進展.

We believe we can establish new fleet relationships that could provide meaningful sales opportunities. The benefit of fleet partnerships is the high-unit order volumes they can potentially provide us from the recurring fleet refresh cycle within their respective customer bases. A strong fleet partner can potentially equal dozens of standalone dealers without regard to territory exclusivity.

我們相信我們可以建立新的機隊關係，從而提供有意義的銷售機會。車隊合作夥伴關係的好處是，他們可以從各自客戶群中經常性的車隊更新周期中為我們提供高單位訂單量。一個強大的車隊合作夥伴可能相當於數十個獨立經銷商，而無需考慮區域獨占性。

That said, we are certainly focusing on signing up dealers under our dealership program. Earlier in 2023, we announced our first dealer indication of interest with Masters Golf and Utility Vehicles in Ontario, Canada. Since that announcement, we have signed many more dealers under our dealer program. And while we won't provide specific dealer counts, I will provide some context for this topic.

也就是說，我們當然專注於根據我們的經銷商計劃簽約經銷商。 2023 年初，我們在加拿大安大略省宣布了第一個經銷商對 Masters Golf 和 Utility Vehicles 的興趣。自該公告發布以來，我們根據經銷商計劃簽署了更多經銷商。雖然我們不會提供具體的經銷商數量，但我將為該主題提供一些背景信息。

Under our former relationship with Club Car for the Club Car Current vehicle, Club Car had the potential to generate sales of the Current from all of its approximately 450 dealerships. However, the reality was that only 42 dealerships out of this 450 ever generated a sale of the Current throughout our multi-year relationship. For comparison, the number of locations operated by dealers with whom we are in discussions already exceeds 42, and we're in various stages of negotiation with many more potential future dealers. I hope that is helpful in terms of outlook on the dealer and fleet channels.

根據我們之前與 Club Car 就 Club Car Current 車輛的關係，Club Car 有可能從其大約 450 家經銷商處產生 Current 的銷售。然而，現實情況是，在我們多年的合作關係中，這 450 家經銷商中只有 42 家銷售過 Current。相比之下，與我們洽談的經銷商經營的網點數量已經超過 42 個，而且我們正處於與更多潛在未來經銷商進行談判的各個階段。我希望這對經銷商和車隊渠道的前景有所幫助。

On the direct-to-consumer, or DTC channel, we're working to finish our e-commerce site and an on-site location in Florida to support our DTC efforts for customers to be able to customize and order their Vanish directly from AYRO in those states that allow DTC vehicle sales.

在直接面向消費者或 DTC 渠道上，我們正在努力完成我們的電子商務網站和佛羅里達州的現場位置，以支持我們的 DTC 努力，使客戶能夠直接從 AYRO 定制和訂購他們的 Vanish在那些允許 DTC 車輛銷售的州。

Florida happens to be one of those states, and we believe it is a large potential market for the Vanish and our follow-on products, the people mover we call the Valet and what we believe is the world's most attractive gold cart, called the Vapor. We expect our DTC capability to be ready to launch in the third quarter of 2023.

佛羅里達恰好是這些州之一，我們相信它是 Vanish 和我們的後續產品的巨大潛在市場，我們稱之為 Valet 的載人汽車以及我們認為是世界上最具吸引力的黃金推車，稱為 Vapor .我們預計我們的 DTC 能力將在 2023 年第三季度準備就緒。

Now I would like to talk about the status of the Vanish vehicle and just where we are in the process of bringing it to market. The Vanish will enter the homologation phase this week as we have just recently successfully completed a series of internal tests at a test track in Houston, Texas. The homologation process is a series of safety assessment tests on the vehicle. It can take up to12 weeks, depending on the queue of other vehicles also waiting on homologation.

現在我想談談 Vanish 車輛的狀態，以及我們在將其推向市場的過程中所處的階段。 Vanish 將於本週進入認證階段，因為我們最近剛剛在德克薩斯州休斯頓的測試跑道成功完成了一系列內部測試。認證過程是對車輛進行的一系列安全評估測試。這可能需要長達 12 週的時間，具體取決於也在等待認證的其他車輛的隊列。

However, while homologation is occurring with the Vanish and in parallel with that certification process, we plan to enter low-rate initial production, or LRIP by early June to begin building the first 50 Vanish units. These units are largely earmarked for dealer floors as demo vehicles.

然而，雖然 Vanish 正在進行認證並與該認證過程同時進行，但我們計劃在 6 月初之前進入低速初始生產或 LRIP，以開始建造前 50 個 Vanish 裝置。這些單元主要作為演示車輛指定給經銷商樓層。

The LRIP phase is used to ensure the supply chain is flowing smoothly and allows our manufacturing team to scale that learning curve of assembling components and subsystems. Following LRIP, which we anticipate may take a month, we'd expect to begin full-scale production where we are targeting nine vehicles per day, five days per week under a single-shift scenario. This would equate to over 2,000 vehicles per year of capacity under the guidelines mentioned above.

LRIP 階段用於確保供應鏈順暢流動，並允許我們的製造團隊擴展組裝組件和子系統的學習曲線。在我們預計可能需要一個月的 LRIP 之後，我們預計將開始全面生產，我們的目標是每天生產 9 輛汽車，在單班制的情況下每週生產 5 天。根據上述指導方針，這相當於每年超過 2,000 輛汽車。

Until homologation is complete, we anticipate holding back any finished inventory of Vanish units. We believe any delays or deferrals in customer shipments of the Vanish should homologation take longer than we would prefer are rather trivial in the big picture and would be unlikely to lead to order cancellations. As this always the case in first model year production, we expect and plan for supply chain uncertainties until all component suppliers are flowing in their product smoothly.

在完成認證之前，我們預計會保留 Vanish 裝置的任何成品庫存。我們認為，從大局來看，Vanish 客戶發貨的任何延誤或延期應該比我們希望的時間更長是微不足道的，不太可能導致訂單取消。由於在第一款車型年的生產中總是如此，我們預計併計劃供應鏈的不確定性，直到所有零部件供應商都能順利生產他們的產品。

Once in full production, we do have the ability and likely the intent, given some early signs of demand, to move to a second shift that can help us produce more output of Vanish units from our own manufacturing floor. Based on our current forecast, we anticipate moving to that production cadence as fast as possible post LRIP.

一旦全面投產，鑑於一些早期的需求跡象，我們確實有能力並且可能有意向轉移到第二個班次，這可以幫助我們從我們自己的製造車間生產更多的 Vanish 裝置。根據我們目前的預測，我們預計在 LRIP 之後儘快轉向該生產節奏。

Even more significant than adding a second shift is our potential ability to source additional production of the entire Vanish vehicle from an OEM automotive component supplier that currently serves the big three automakers. That supplier also happens to be our chassis component supplier for the Vanish. Fortunately, they have production capacity at their facility to be able to handle the assembly of the entire Vanish vehicle should we choose to route any excess surge demand to them down the road.

比增加第二個班次更重要的是，我們有能力從目前為三大汽車製造商提供服務的 OEM 汽車零部件供應商那裡採購整輛 Vanish 汽車的額外產品。該供應商也恰好是我們的 Vanish 底盤組件供應商。幸運的是，他們的工廠擁有生產能力，能夠處理整個 Vanish 車輛的組裝，如果我們選擇將任何過剩的激增需求傳遞給他們的話。

While this decision would likely come with initial start-up issues and a learning period from all parties that we would just need to accept, it does offer the potential for us to ramp our total production of units in a much faster fashion than greenfield construction of a new manufacturing facility, at least at this point in time. So we anticipate addressing any excess demand initially with a second shift and then likely by resorting to our relationship with this OEM component supplier for any true surge in demand that would otherwise overwhelm our manufacturing facility.

雖然這一決定可能會伴隨初始啟動問題和我們只需要接受的各方學習期，但它確實為我們提供了以比綠地建設更快的方式提高單位總產量的潛力一個新的製造設施，至少在這個時間點是這樣。因此，我們預計最初會通過第二次輪班來解決任何過剩需求，然後可能會藉助我們與該 OEM 組件供應商的關係來應對任何真正的需求激增，否則我們的製造工廠將不堪重負。

Needless to say, these would be very nice problems to encounter and address this early in the commercial launch of the Vanish. These so-called problems, and I use that term tongue-in-cheek, that we are now facing are simply the result of what we feel are the perceived quality and value proposition of the Vanish and advancements in a category that we feel has been quite stagnant for much too long.

不用說，在 Vanish 的商業發布早期遇到並解決這些問題將是非常好的。這些所謂的問題，我用開玩笑這個詞，我們現在面臨的只是我們認為 Vanish 的感知質量和價值主張以及我們認為的類別中的進步的結果停滯了太久。

But you don't have to take my word for it, and certainly the market isn't appreciating this aspect either, apparently. Thus far in 2023, we won two prominent awards for design from two separate market research companies. The first was in January of 2023 when Frost & Sullivan awarded us the 2023 North American New Product Innovation Award in the low-speed vehicle industry for the Vanish's design. And as if that were not enough, in April we were named as a 2023 Red Dot Award recipient for product design for the Vanish based on its principles of good design and it's socio-cultural character, technical focus area, and design expertise.

但你不必相信我的話，而且市場顯然也沒有意識到這一點。到 2023 年為止，我們從兩家獨立的市場研究公司獲得了兩項傑出的設計獎項。第一次是在 2023 年 1 月，Frost & Sullivan 授予我們 Vanish 設計的 2023 年北美低速汽車行業新產品創新獎。似乎這還不夠，4 月，我們因 Vanish 的良好設計原則及其社會文化特徵、技術重點領域和設計專長而被提名為 2023 年紅點產品設計獎的獲得者。

Many engineers and designers can go their entire career without winning either a Frost & Sullivan or a Red Dot Award. We won it on our first design after pivoting the company 18 months ago. That is a remarkable achievement, and I'm very proud of all our employees here at AYRO. One would expect that these validations of the design and value-add merits of the Vanish to translate into appreciable unit sales, and that is definitely what we are viewing this opportunity that is finally right in front of us.

許多工程師和設計師可能在整個職業生涯中都沒有獲得 Frost & Sullivan 或紅點獎。在 18 個月前對公司進行轉型後，我們憑藉我們的第一個設計贏得了它。這是一項了不起的成就，我為 AYRO 的所有員工感到自豪。人們會期望這些對 Vanish 設計和增值優點的驗證能夠轉化為可觀的單位銷售額，而這絕對是我們所看到的這個終於擺在我們面前的機會。

On the intellectual property or IP front, we continue to grow our portfolio, both in the rate of patent and trademark filings as well as in the rate of grants by the USPTO. We believe the combination of our anticipated future sales and sales growth together with our growing IP portfolio should add sustainable shareholder -- stockholder value and provide numerous opportunities in this segment that otherwise hasn't evolved with prevailing technologies nor with market opportunities.

在知識產權或知識產權方面，我們繼續擴大我們的投資組合，無論是在專利和商標申請率方面，還是在美國專利商標局的授權率方面。我們相信，我們預期的未來銷售額和銷售額增長與我們不斷增長的知識產權組合相結合，應該會增加可持續的股東價值，並在這一領域提供大量機會，否則這些機會不會隨著流行技術或市場機會的發展而發展。

In our 2022 year-end earnings discussion, I provided explicit guidance that revenue for the legacy Club Car Current vehicle would be minimal in the first half of 2023 given the run-off of current inventory in the sunset phase of that vehicle. That was certainly the case in the first quarter given our revenue of approximately $100,000. Quite simply, that phase of AYRO is in the past and I have maintained all along that I believe future sustainable stockholder value will come from the future adoption of our new LSEV products, not from revenue of our legacy products.

在我們 2022 年年底的收益討論中，我提供了明確的指導意見，即鑑於該車輛的日落階段當前庫存的流失，2023 年上半年傳統 Club Car Current 車輛的收入將微乎其微。鑑於我們的收入約為 100,000 美元，第一季度的情況確實如此。很簡單，AYRO 的那個階段已經過去，我一直堅持認為未來可持續的股東價值將來自未來對我們新 LSEV 產品的採用，而不是來自我們遺留產品的收入。

Hopefully my comments this morning have painted a picture for AYRO that is as bright as ever. We continue to manage costs as effectively as possible, all while ramping our internal activities for the benefit of the Vanish and subsequently, the Valet and the Vapor.

希望我今天早上的評論為 AYRO 描繪了一幅與以往一樣明亮的畫面。我們繼續盡可能有效地管理成本，同時加強我們的內部活動以造福 Vanish，隨後是 Valet 和 Vapor。

Our net loss in the quarter, even with considerably lower sales of the Current, was roughly the same as it has been over the last year. We believe our cash and equivalents balance of nearly $42 million will be sufficient for us to reach breakeven according to our current forecast.

我們本季度的淨虧損，即使 Current 的銷售額大幅下降，也與去年大致持平。我們相信，根據我們目前的預測，我們近 4200 萬美元的現金和等價物餘額足以讓我們實現盈虧平衡。

That concludes my opening remarks. Now, I'd like to turn the call over to Dave Hollingsworth, who will review our financial results in more detail. David?

我的開場白到此結束。現在，我想把電話轉給 Dave Hollingsworth，他將更詳細地審查我們的財務業績。大衛？

Thanks, Tom, and good morning, everyone. Here is a summary of our first quarter 2023 financial results.

謝謝，湯姆，大家早上好。以下是我們 2023 年第一季度財務業績的摘要。

Revenue for the first quarter ended March 31, 2023, was $113,084, a decrease of 89% year-over-year. The sales recorded in the first quarter of 2023 represent the run-off of our Club Car Current inventory as we transition to the AYRO Vanish. Total operating expenses for the first quarter of 2023 were approximately $5.7 million as compared to approximately $4.4 million in the first quarter of 2022. The year-over-year increase in total operating expenses was due primarily to the completion of the Vanish product and a ramp to LRIP and full production.

截至 2023 年 3 月 31 日的第一季度收入為 113,084 美元，同比下降 89%。 2023 年第一季度的銷售額代表了我們過渡到 AYRO Vanish 時我們 Club Car Current 庫存的流失。 2023 年第一季度的總運營費用約為 570 萬美元，而 2022 年第一季度約為 440 萬美元。總運營費用的同比增長主要是由於 Vanish 產品的完成和斜坡到 LRIP 和全面生產。

Adjusted EBITDA, a non-GAAP measure, for the first quarter of 2023 was a loss of approximately $5.1 million versus a loss of approximately $4.2 million in the first quarter of 2022. Net loss for the quarter ending March 31, 2023, was approximately $5.5 million versus a net loss of approximately $4.6 million in the year ago quarter. This decrease was again a result of the completion of the Vanish product and ramp to LRIP and full production.

調整後的 EBITDA（一種非公認會計原則衡量標準）在 2023 年第一季度虧損約 510 萬美元，而 2022 年第一季度虧損約 420 萬美元。截至 2023 年 3 月 31 日的季度淨虧損約為 5.5 美元億美元，而去年同期淨虧損約為 460 萬美元。這一下降再次是由於 Vanish 產品的完成和 LRIP 的提升以及全面生產的結果。

Cash and marketable securities at March 31, 2023, was approximately $41.7 million versus $48.9 million at the end of 2022. Total debt was [$0] at March 31, 2023, as it was at December 31, 2022. As of March 31, 2023, the company had 37,352,204 common shares outstanding.

2023 年 3 月 31 日的現金和有價證券約為 4170 萬美元，而 2022 年底為 4890 萬美元。2023 年 3 月 31 日的總債務為 [$0]，與 2022 年 12 月 31 日相同。截至 2023 年 3 月 31 日，公司有 37,352,204 股流通在外的普通股。

That concludes my prepared remarks, and I'd like to turn the call back over to Tom for any remaining comments. Tom?

我準備好的發言到此結束，我想將電話轉回給 Tom 以徵求任何剩餘意見。湯姆？

Hey, thank you, Dave.

嘿，謝謝你，戴夫。

As you can probably tell from my earlier comments, I am optimistic and enthusiastic about our competitive positioning as we get close to the commercial launch of the Vanish. We believe we have the right design elements and solutions for the LSEV market, as the Frost & Sullivan and Red Dot Awards can attest to.

正如您可能從我之前的評論中看出的那樣，隨著我們接近 Vanish 的商業發布，我對我們的競爭定位感到樂觀和熱情。我們相信我們擁有適合 LSEV 市場的正確設計元素和解決方案，Frost & Sullivan 和紅點獎可以證明這一點。

We believe we have the right team given all that we have accomplished with the new common core chassis platform, the initial Vanish design, and the impending Valet and Vapor designs in such a relatively short period of time.

我們相信我們擁有合適的團隊，因為我們在相對較短的時間內完成了新的通用核心底盤平台、最初的 Vanish 設計以及即將推出的 Valet 和 Vapor 設計。

We believe we have the right distribution strategies, given what we believe is a consistent interest from dealers and fleet customers looking to offer our products to their customers. And we have a growing IP portfolio that can help us build moats around our technology and products and methods of creating sustainably engineered vehicles.

我們相信我們有正確的分銷策略，因為我們認為經銷商和車隊客戶一直有興趣向他們的客戶提供我們的產品。我們擁有不斷增長的知識產權組合，可以幫助我們圍繞我們的技術和產品以及創造可持續工程車輛的方法建立護城河。

To date, the market doesn't appear to have caught onto our better mouse trap, perhaps for a variety of reasons. However, as we continue to innovate and execute and share important corporate developments, we believe this will all change.

迄今為止，市場似乎並沒有抓住我們更好的捕鼠器，也許是出於各種原因。然而，隨著我們不斷創新、執行和分享重要的企業發展，我們相信這一切都會改變。

With that, I'd like to turn the call over to the Operator so we can begin the question-and-answer session. Operator?

有了這個，我想把電話轉給接線員，這樣我們就可以開始問答環節了。操作員？

(Operator Instructions) Brian Lantier, Zacks

（操作員說明）Brian Lantier，Zacks

Good morning. I was wondering if you could just give me a little feedback that you may have received from some of the potential dealers or fleet managers from the trade shows that you've attended. Principally, what sort of attributes in the Vanish are standing out to them? Is it the quality of the build, the auto-like features, or maybe the configurability of the platform?

早上好。我想知道您是否可以給我一些反饋，您可能從您參加過的貿易展中的一些潛在經銷商或車隊經理那裡收到了這些反饋。原則上，Vanish 中的哪些屬性對他們來說很突出？是構建的質量、類似汽車的功能，還是平台的可配置性？

Well Brian, that's a great question. And as you know, when you go to a trade show, everybody looks at things in their own unique way, so there is no uniformity of perspective when people are looking at product. What we saw that was fascinating kind of went into the following fundamental categories. The first thing is as people actually put their hands on Vanish and compared it to apparently similar products at the show, it was a lights-on epiphany in terms of the difference between a product built to automotive OE standards versus a product built, let's just call it, to commodity golf cart standards.

那麼布賴恩，這是一個很好的問題。正如你所知，當你去參加貿易展時，每個人都以自己獨特的方式看待事物，所以當人們看產品時，視角並不統一。我們所看到的令人著迷的東西分為以下基本類別。第一件事是當人們實際接觸 Vanish 並將其與展會上明顯相似的產品進行比較時，就按汽車 OE 標準製造的產品與製造的產品之間的差異而言，這是一個明顯的頓悟，讓我們稱它為商品高爾夫球車標準。

The difference of every detail, the difference of the quality, the difference of the finish, the difference of the styling and the look, they all were night-and-day differences or, as we would say, jets and propellers compared to what currently exists in the golf cart world.

每個細節的差異，質量的差異，飾面的差異，樣式和外觀的差異，它們都是日夜的差異，或者我們會說，噴氣式飛機和螺旋槳與現在的相比存在於高爾夫球車世界。

And a lot of people commented, first of all, on the quality of the materials we use, which are unusual and unique in this space. A lot of people commented on how roomy the interior was and how significant the enhanced payload capacity was.

很多人首先評論了我們使用的材料的質量，這在這個領域是不尋常和獨特的。許多人評論了內部空間的寬敞程度以及增強的有效載荷能力的重要性。

And so from the point of view that we have a dual-display head that can be used for a variety of purposes to the fact that our cargo subsystem is completely reconfigurable every morning by resort and golf operators, to the fact that this is just a fundamentally higher quality vehicle, with the bonus points that this thing is designed in the United States, sourced in the United States, built in the United States, and supported in the United States, as compared to the commodity products coming across the Pacific. All those things seem to add up to make a pretty powerful impression on both dealers and fleet managers.

因此，從我們有一個可用於多種用途的雙顯示頭的角度來看，我們的貨運子系統每天早上都可以由度假村和高爾夫運營商完全重新配置，再到這只是一個與橫跨太平洋的商品相比，從根本上講是更高質量的車輛，其優點是該產品在美國設計，在美國採購，在美國製造並在美國提供支持。所有這些加起來似乎給經銷商和車隊經理留下了非常深刻的印象。

Great, thank you. That's really good feedback. I'd just like to reiterate, I'm incredibly encouraged by the news and some of the early outlook for the rest of the year. That's certainly a better outlook than I had built into my models currently. Regarding the motor order with Saietta, are those motors going strictly into the Vanish or will that be for the entire product line?

太好了謝謝。這真是很好的反饋。我只想重申，這一消息和今年餘下時間的一些早期展望令我深受鼓舞。這肯定比我目前建立在我的模型中的前景更好。關於與 Saietta 的電機訂單，這些電機是嚴格用於 Vanish 還是用於整個產品線？

Brian, that's a good question. And the entire design philosophy of our product line is that every component in every vehicle is identical. So they're not similar, they're identical. So a motor in a Vanish is the same as the motor in a Valet, is the same as a motor in a Vapor.

布賴恩，這是個好問題。我們產品線的整個設計理念是每輛車中的每個組件都是相同的。所以他們不相似，他們是相同的。所以 Vanish 中的馬達與 Valet 中的馬達相同，與 Vapor 中的馬達相同。

And the reason we did that -- the motors are the same, the wheels and tires are the same, the seats are the same, the displays are the same, the controllers are the same, the batteries are the same, that whole philosophy means that a customer who puts a logistics plan or a supply chain for spares and provisions in place for any of our vehicles has a supply chain for all our vehicles. So the initial order you saw placed is an order that will provide axial flux motors for every single product in the product line this year and every single product anticipated on a go-forward basis.

我們這樣做的原因——電機相同，車輪和輪胎相同，座椅相同，顯示器相同，控制器相同，電池相同，整個理念意味著為我們的任何車輛制定物流計劃或備件和供應供應鏈的客戶擁有我們所有車輛的供應鏈。因此，您看到的初始訂單是為今年產品線中的每個產品以及未來預期的每個產品提供軸向磁通電機的訂單。

Great. I think that's an important point that investors will eventually pick up on as well. Maybe just a quick question for Dave -- the growth in inventory associated with all the new products. There's no longer any Club-Car-related inventory in there principally. And then lastly for Dave, if I sort of look out through the forecast over the next 12 weeks to get past the homologation process, we could possibly be taking the first orders and booking sales in Q3, or should I look at that maybe being Q4 item?

偉大的。我認為這是投資者最終也會接受的重要一點。也許戴夫只是一個快速的問題——與所有新產品相關的庫存增長。那里基本上不再有任何與 Club-Car 相關的庫存。最後對 Dave 來說，如果我仔細查看未來 12 週的預測以通過認證流程，我們可能會在第三季度接受第一批訂單並預訂銷售，或者我應該看看可能是第四季度物品？

Thanks Brian, I appreciate you. First off with the inventory purchases, inventory is vastly consumed by the AYRO Vanish. Now, we will, of course, be needing a few small parts to support our legacy product, that central product. But it will be minimal, completely immaterial to our books. Buys now are to set up for LRIP and then of course to set up for full production as we move forward and to increase those prepaids and actual inventory buys as we prepare for that.

謝謝布賴恩，我很感激你。首先是庫存採購，庫存被 AYRO Vanish 大量消耗。現在，我們當然需要一些小部件來支持我們的遺留產品，即核心產品。但這將是最小的，對我們的書來說完全無關緊要。現在的購買是為 LRIP 做準備，然後當然是在我們前進的過程中為全面生產做準備，並在我們為此做準備時增加預付和實際庫存購買。

As for your second question, we've been talking through this presentation about getting our vehicles built as we complete homologation, and of course that will dictate when we would recognize sales in certain areas. So that will be something we'll be following very closely. We have everything aligned with those homologation teams so they can move as quickly as they are able to move, so that we won't hold them up at all, because our priority is to get those vehicles out as quickly as we can, especially the demo vehicles to our fleet and channel partners, and of course, recognize a corresponding sales along with those units being moved.

至於你的第二個問題，我們一直在通過本次演講討論在我們完成認證時製造我們的車輛，當然這將決定我們何時會確認某些地區的銷售。所以這將是我們將密切關注的事情。我們的一切都與那些認證團隊保持一致，因此他們可以盡可能快地移動，這樣我們就不會阻止他們，因為我們的首要任務是盡快讓這些車輛離開，尤其是向我們的車隊和渠道合作夥伴演示車輛，當然，隨著被移動的那些單位一起確認相應的銷售。

(Operator Instructions) [Matthew Polachek], Private Investor.

（操作員說明）[Matthew Polachek]，私人投資者。

Good morning, Tom and everyone. For clarification, I think you mentioned that your remaining cash was in about $41 million, but if I'm looking at the earnings sheet here, it looks like the cash at the end of the period is $31.9 million plus a few assets around $137 million. Can you explain what I'm missing here?

早上好，湯姆和大家。為澄清起見，我想你提到你的剩餘現金約為 4100 萬美元，但如果我在這裡查看收益表，看起來該期間末的現金為 3190 萬美元加上一些資產約為 1.37 億美元.你能解釋一下我在這裡缺少什麼嗎？

Yeah, so the term we talked about with that $42 million is cash and marketable securities. So we still hold, if you look at that next line, a significant amount of mainly T-bills in our product portfolio to just get the best use of our cash that we're not actively using. We do hold some in marketable securities that we include in that $42 million because we have easy access to that cash.

是的，所以我們談到的 4200 萬美元的術語是現金和有價證券。所以我們仍然持有，如果你看下一行，我們的產品組合中有大量主要是國庫券，以充分利用我們沒有積極使用的現金。我們確實持有一些有價證券，我們將其包括在這 4200 萬美元中，因為我們可以輕鬆獲得這些現金。

I'm looking at -- I just don't see it. I'm in the -- you said, the next line?

我在看——我只是看不到它。我在——你說，下一行？

Depending on what chart you're looking at. So we have -- if you're looking at the balance sheet that we have cash and marketable securities, so those are the two pieces that we include together because they're very liquid.

取決於您正在查看的圖表。所以我們有 - 如果你正在查看我們擁有現金和有價證券的資產負債表，那麼我們將這兩部分放在一起，因為它們流動性很強。

(Operator Instructions) This concludes our question-and-answer session. I would like to turn the conference back over to Tom Wittenschlaeger for closing remarks.

（操作員說明）我們的問答環節到此結束。我想將會議轉回給 Tom Wittenschlaeger 作閉幕詞。

I want to thank all of you for participating in today's call and for your interest in AYRO. We look forward to sharing our progress on our next quarterly conference call when we report our second quarter 2023 results, likely in August of 2023. Thanks again. Have a good day.

我要感謝大家參加今天的電話會議以及對 AYRO 的關注。我們期待在我們可能在 2023 年 8 月報告 2023 年第二季度業績時分享我們在下一季度電話會議上的進展。再次感謝。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。